In the 1980s when the elders among us in the gaming world were playing Atari, the idea that playing video games was anything more than a waste of time was unheard of. There were no eSports teams, no tournaments, no streaming, no audience, and no pro-gamers.
Times have changed.
According to Newzoo’s Global eSports & Live Streaming Market Report 2021, the global esports audience will grow to 474 million in 2021, with the largest audience in China and revenues from competitive gaming slightly less than $1.1 billion.
Roughly 75% of the revenue in the industry is related to sponsorships and advertising. The report points out that each member of the eSports community will make on average about $4.74.
eSports pro-gamer, Lee Sang-Hyeok, known as “Faker” in the gaming community, is said to make over $3 million/year.
Perhaps eSports gaming is a bit like professional athletics — everyone can compete, but only very few can actually earn money doing it.
A number of platforms are trying to fill the gap and help the average player earn like the streamers they follow, but Bitspawn is focused on providing a platform for tournaments — creating contests on the platform and allowing users to create their own tournaments, assign prizes, and use Bitspawn as the impartial third-party to give out the prizes.
We spoke to Eric Godwin, founder of Bitspawn Protocol.
What are gamers looking for in 2021?
Gamers are looking for a platform and ecosystem that benefits them and does not act predatory. The gaming industry is very one-sided and gamers have little voice or impact on consumer and competitive practices. Bitspawn changes this by allowing communities to take control of their opportunities to make money in gaming. Bitspawn creates new revenue streams for gamers outside of streaming.
Is gaming becoming a viable way to generate income?
Of course, there are many successful gaming YouTubers or streamers. But the goal is to meet the needs of the gamer who doesn’t want to stream — which is the majority of gamers — but still wants a chance to earn while gaming.
Gaming is still widely considered passive entertainment and I don’t know if that will ever change. Gaming to me has always been an outlet to hang out with friends, a distraction and relaxing change of scenery from your everyday nuances. I don’t see that changing anytime soon but ask yourself — what’s better than that? What if you could effectively change nothing and continue to play the same games you already play on a Friday night but with an elevated stake or chance to earn some income?
How does Bitspawn work?
We offer different contests and tournaments for each game on our platform.
For example, lately in Warzone the FPS we have been focusing on a Weekly Kill race lobby. We use the Activision APO to rank players on the leaderboard and the winners get paid from the prize pool at the end of the week.
Bitspawn also lets players create their own tournaments, with friends or open to the public. You can set the prize levels, add an entry fee for bigger tournaments, and Bitspawn will manage the ranking and prizes on the platform.
What we have created is a place where you can hang out to join existing tournaments and host your own — and you can earn from creating/staking a competition even if you don’t compete.
How does blockchain play into your roadmap?
Blockchain technology ensures payout and protection of participants’ data and rights. We provide tools for the automation of game data and allow our community members to build their own competitive marketplaces.
Our protocol enables the sustainable development of the global gaming ecosystem by giving power back to gamers and the revenues they generate from their abilities — competitive or creative.
Are gamers of the future going to expect to be compensated for the hundreds of hours they frequently put into a title?
Yes. Markets are becoming more based around sustaining the attention spans of users. Bitspawn provides tools for gamers not only to make money off their competitive abilities but also their creative abilities.
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The platform currently supports about a dozen games including: Call of Duty: Warzone, Call of Duty: Modern Warfare, Fortnight, FIFA, and League of Legends.
Bitspawn recently went through its first round of successful funding with investors like SMO Capital, Dext Force Ventures, Moonwhale, CSPDAO, Trustdao Capital, Black Dragon, Fairum, Revelation Fund, Infinity Capital, and others.
Bitspawn is currently in open Beta and will be offering more games and new features, such as NFTs for prizes, in the months to come.
In the meantime, the beta platform is available online and as a mobile app and registration is free, though it seems you do need to purchase tokens to enter tournaments with an entry fee.
Image by cromaconceptovisual from Pixabay
Article originally appeared on Hackernoon.